PNM shareholders were met by a group of approximately 40 protestors on Gold Ave. as they arrived for the company’s annual shareholder meeting on Thursday.

The protesters were calling for more renewable energy sources.

Pat Vincent-Collawn, who is the chairman, president and CEO of PNM Resources, Inc., said during the meeting that the company is seeing improvements in its bottom line and is making headway with installing renewable sources of power generation.

“PNM is still facing headwinds from a New Mexico economy that continues to lag the nation in recovering from the recession,” Vincent-Collawn said. “We’ve seen a decline in load year-over-year, due in part to the economy as well as energy-efficiency measures. At the same time, the company is seeing increasing peak-demand levels – last year we set a new record for peak demand, and our forecast indicates we can expect more of the same. We also continue to see modest – but positive – customer growth.”

But, she said, most of the company’s overall growth comes from Texas.

“Gains in Texas are helping to balance the challenges at PNM,” she said. “The Texas economy is strong, fueling consistent customer growth at TNMP.”

Vincent-Collawn said the company is on track to meet state requirements for wind, solar and geothermal energy.

“I think you saw the environmental advocates this morning,” she said. “I admire their commitment.”

The sole question during the 30-minute meeting was from one shareholder who asked about the cost of storing electricity generated from renewable sources.

Vincent-Collawn said that energy storage is expensive and not yet available on a commercial scale.

But she added, “We look at our electric portfolio like we look at a stock portfolio: we want it to be diversified.”